PRESS RELEASE

For Immediate Release Monday, April 12, 2008

Contact: Noel LaBine 763-477-3086

State of the County seminar held at T.J's in St. Michael

 

The Wright County Economic Development Partnership held a noon luncheon seminar entitled State of The County ” in St. Michael at the T.J.'s Restaurant on April 16 th . This event featured County Assessor , Greg Kramer, who talked about how he assesses value to property and what the trends in property evaluation look like. Also presenting was County Commissioners Pat Sawatzke and Elmer Eichelberg. The I-94 Chamber of Commerce was a sponsor for this event.

Greg Kramber's presentation was eagerly accepted by the 62 people present at the noon event. There was a lot of information shared about the weakened housing market and what that has done to home values. Also, Kramber provided information about how he assesses value to property. He had slides and written information including tables from the State of Minnesota that assessors must use when making a determination of the value of property. He explained that what is happening to property now will be used to assess the value for 2008, which will be reflected on the 2009 tax statements. This lag period becomes especially troublesome to people, whose property values have been realizing a substantial correction in the market lately. For instance, January was the worst month the local housing market has ever seen with over 100 foreclosures. This is having a dampening effect on current homes values, which won't be seen on the tax statements until 2009.

Also, Kramber talked about the efforts of his office with determining property tax value for commercial property. Their procedure includes looking at the income producing tendencies of the property. For this reason, there are several commercial properties such as motels that are being assessed at something like 60% of what it cost to build them. These properties often end up in bankruptcy, because it is so hard to profit from them off the new construction costs.

The Partnership exists to enhance the business climate of Wright County and to help create more jobs in Wright County . The strategies the Partnership uses to achieve its mission include being an information resource and finding technical assistance; aiding business development through Business Retention & Expansion visits, providing financing resources, and providing business information and training through seminars and workshops. Also, the Partnership markets Wright County to business site locators, and maintains an excellent website, which includes a listing of commercial and industrial property available in Wright County (see www.wrightpartnership.org ). The Partnership also assists with Workforce Development and has gathered economic statistical information, which is available on its website